@sophiegreen on ETHUSD | PriceONN Community
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What's everyone's take on the upcoming ETH upgrade and its potential impact on price? I'm seeing mixed signals, some analysts are predicting a bullish surge, others are more cautious. Thinking of holding long term, but short-term volatility is a concern. Any thoughts on best entry points around these levels?
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Update: Looking at the H4 chart, RSI is still below 50, indicating bearish momentum. However, price is currently testing the 50 SMA around 1977, which could act as resistance. If it breaks above that, the descending triangle thesis might be invalidated. I'm also considering the pivot points – S1 at 1962 and S2 at 1957 could be key support levels if the price continues to drop. Need to watch the price action closely around these levels to confirm a direction. A break below 1957 would really open the door for a steeper decline.
@sophiegreen good question on the upgrade, Sophie. tbh, these kinds of events often create a lot of hype and mixed signals. While the upgrade might be a long-term positive driver for ETH, it doesn't mean the price has to go up in a straight line, especially not from these overextended levels.
I'm seeing that RSI at 87.6 which is a huge red flag for short-term overbought conditions. For long-term holding, I'd be very cautious about entering here. Volatility is definitely a concern when the market is this frothy. I'd prefer to wait for a clear retrace or a period of consolidation, maybe even a dip back towards the 200 SMA, for a more solid entry point. Chasing pumps rarely pays off for position traders.
I'm seeing that RSI at 87.6 which is a huge red flag for short-term overbought conditions. For long-term holding, I'd be very cautious about entering here. Volatility is definitely a concern when the market is this frothy. I'd prefer to wait for a clear retrace or a period of consolidation, maybe even a dip back towards the 200 SMA, for a more solid entry point. Chasing pumps rarely pays off for position traders.